This is going to be a very short post. Here is what you need to make compiling iReport files for Fishbowl Faster.
In the iReport configuration step on the Fishbowl Wiki, you add the Fishbowl JAR files to the classpath. This is what slows you down, to make it faster you need to add only what you need.
So, what do you need? At a minimum these JAR files.
That is it, only add those JAR files and your iReport can go from 10,000ms of compilation time to 1,000ms.